:-1: error: Qt Creator needs a compiler set up to build.

I realized this has been asked a lot just by searching, but I didn't find the exact thing I was looking for.
I am new to QT and tried to compile a test program and received the error ":-1: error: Qt Creator needs a compiler set up to build. Configure a compiler in the kit options."

When I check the build and run section the only kit without a red exclamation mark is "Desktop Qt 5.1.1 MinGW 32bit (default)" and my compiler is "MinGW 4.8 32bit". From what I've searched I assume they don't work together and I need either a new compiler or new kit but I don't know where to start.

If you download the Qt 5.1.1 for Windows 32-bit (MinGW 4.8, OpenGL, 666 MB) package at http://qt-project.org/downloads, it comes with the correct compiler + library combo that is known to work together. It works on my 64-bit Windows 8 PC. During installation, make sure you tick the box to install the MinGW compiler.

It is important that you don't have any other version of MinGW in your environment -- uninstall all other versions (or at least remove them from your PATH) before installing this one.